Bitcoin is looking oversold after a drop to 13 month lows in a matter of hours reaching its lowest level since Oct 18, The average price across major exchanges Bitcoin fell 10 percent on average this is the biggest single day drop since march 30, the RSI of 1 to 2 days charts is oversold but still has cushion to move down in weekly chart in weekly chart the BTC is in a pennant as shown in chart the stochastic RSI's position is at 27 soon it will be oversold, a spike of priceline has visited down than the support but now the price action is again inside the pennant this is a very strong support since feb 18, if the Bitcoin breaks this support than Bitcoin will find place at 5000 or lower but there is still probability of a strong corrective rally which can take the price to 6000 or above in the near term.
The bearish pressure would weaken if prices close above the June low of $5,780.
Here I have used volume profile fixed range from every higher to next lower point within the pennant which shows that near the pennant's support the trader's interest is weak but sell off with massive volume can change this trend.
The bearish pressure would weaken if prices close above the June low of $5,780.
Here I have used volume profile fixed range from every higher to next lower point within the pennant which shows that near the pennant's support the trader's interest is weak but sell off with massive volume can change this trend.